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5-10 percent contraction of insurance market (CSA)

The local insurance market will contract in 2010 by about 10-15 percent after the end of 2009 was unexpectedly good for insurance companies, Albin Biro, member of the council of the Insurance Supervisory Commission (CSA), told Agerpres.

For insurers the size and vigour of the middle class is given by the number of optional auto insurance (CASCO), home and life insurance. If over 2001-2005 about 7-8 percent of Romania's population was insured this way and in 2007-2008 their number almost doubled, amounting to 15 percent, still 'we do not yet manage to stay away from the savings of a South-American type and create a stable middle class that should resist situations like the current crisis.'

According to Albin Biro, in 2010, much of the life insurance will be ransomed, the car leasing market will stagnate, the same holds good for CASCO, the number of RCA policies sold will not grow because of the population's sinking purchasing power and a prediction of the home insurance is difficult to make.

'Even if the home insurance law comes into force, the increase will not be a real one, even if statistically it will be a little better as money will mainly go to re-insurers,' said the CSA official.

'All this makes me estimate a 5-10 percent drop in the insurance market this year as against 2009,' concluded Albin Biro.

In keeping with the data supplied by CSA, the cumulated value of the gross premiums subscribed by insurers in 2008 was 8.936 million lei, the real increase from 2007 being 17.15 percent, something quite near to what was a year before.

Sursa: http://www.agerpres.ro

Tags: insurance percent market rca car

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